What are the three main categories of insurance business?

During 2018, TRC Corporation has the following inventory transactions.

Soloha48 [4]

Answer:

Results are below.

Explanation:

Giving the following information:

Jan. 1 Beginning inventory 48 $40 $1,920

Apr. 7 Purchase 128 42 5,376

Jul. 16 Purchase 198 45 8,910

Oct. 6 Purchase 108 46 4,968

For the entire year, the company sells 427 units of inventory for $58 each.

Ending inventory units= 482 - 427= 55

1)

Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the cost of the lasts units remaining in inventory.

Ending inventory= 55*46= $2,530

COGS= 48*40 + 128*42 + 198*45 + 53*46= $18,644

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,644= $6,122

2)

Under the LIFO (last-in, first-out) method, the ending inventory is calculated using the cost of the firsts units remaining in inventory.

Ending inventory= 48*40 + 7*42= $2,214

COGS= 108*46 + 198*45 + 121*42= $18,960

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,960= $5,806

3)

First, we need to calculate the weighted-average cost:

weighted-average cost= (40 + 42 + 45 + 46) / 4= $43.25

Ending inventory= 55*43.25= $2,378.75

COGS= 427*43.25= $18,467.75

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,467.75= $6,298.25

6 0

2 years ago

A 10K financial report include which of the following financial statements (need help asap!!!)

Yuki888 [10]

A 10-K is just a more detailed Annual Report, without the visuals.

They includes info regarding the company and it's financial performance over the last year.

Balance Sheet's are financial statements that report a company's assets, liabilities, and equities at a specific point in time.

Therefore, we can conclude that 10-K reports include Balance Sheets

3 0

3 years ago

If consideration is received before a contract is identified and the consideration is nonrefundable, revenue may be recognized i

Studentka2010 [4]

Answer: Any of these answer choice is correct.

Explanation:

You didn't put the options to the question. The options are:

• There is no remaining obligation to transactions goods.

• The contract has been terminated.

• Goods have been delivered.

• Any of these answer choice is correct.

When consideration has been received before a contract is identified and the consideration is nonrefundable, then the revenue may be recognized when:

• There is no remaining obligation to transactions goods.

• The contract has been terminated.

• Goods have been delivered

Therefore, the correct option is any of the answer choice is correct.

3 0

2 years ago

In ethics, our conscience is what tells us whether something is ______.

mrs_skeptik [129]

Conscience is the inner feeling which tell us what is right or wrong. It controls our actions, thoughts and behavior. So the answer is: In ethics, our conscience is what tells us whether something is a. Wrong or right.

8 0

3 years ago

Read 2 more answers

An elected official is: A: appointed to his job. B: voted into her job. C: assigned a job by a superior. D: anyone who works for

Natalka [10]

Voted into her job.

6 0

3 years ago